Independent Technology & Equipment Lessor • Strategic Partners

Press Room

CoreTech Leasing Welcomes New Sales Leader, Barry Steel, Sr. VP of Sales

Newport Beach, CA – August 1, 2018 – Independent technology and equipment lessor, CoreTech Leasing, Inc., today announces the addition of Barry Steel to their leadership team.  Mr. Steel has joined the CoreTech team as Sr. Vice President of Sales. An exceptional leader with an impressive record of achievement in multiple, highly competitive markets for over 25+ years, Barry is known for his abilities to build strategic alliances that position organizations for long-term profitability, productivity and performance.   Barry will lead the CoreTech sales and marketing initiatives as the company continues to experience exceptional growth into multiple industry markets including:  legal, manufacturing, medical, semiconductor, and education.

As changes in technology and equipment assets and organizational needs continue to accelerate at exponential rates, more organizations across markets are leveraging leasing and financing strategies to better compete—and being an independent leasing company allows for more flexibility.  According to the ELFA, equipment and software investment continues to expand and new business volume continue to expand at a healthy pace, and this trend is expected to maintain solid momentum throughout 2018, according to the ELFA.

Barry was most recently President of Capital Fleet Solutions which consulted with several commercial banks in the automotive dealer space and included a total portfolio of 500,000 vehicles.  Prior to Capital Fleet Solutions, Barry was the Senior VP of Global and Strategic Accounts for Donlen Corporation where he designed and executed strong strategic visions that resulted in being acquired by Hertz Corporation for a record valuation.  Barry also served as VP of SalesForce Development for GE Capital Fleet Services for nearly a decade where he developed programs to track sales, customer satisfaction, and coordinated pricing across the business.

Scott McFetters, President of CoreTech Leasing, remarked, “We are exceptionally pleased to have someone of Barry’s caliber join our team and help lead our growth in the right direction that both builds our relationships in the market and strengthens our sales team’s abilities to deliver top tier service and solutions.  We look forward to Barry’s experienced leadership, integrity and expertise and welcome him to the team.”

Barry added, “If you like owning, you will love leasing.  Leasing can provide organizations all of the flexibility of ownership, and the financial benefits of leasing. The people at CoreTech are what makes them a preferred partner with their customers.  Scott has built an exceptional organization at CoreTech which is demonstrated by CoreTech’s stellar industry reputation.  I am honored to be joining the team as leader of exceptional people and will look forward to taking the team—and the company–to the top.”

To download the press release, click here.

Install Now, Pay Later

Does your institution need to make capital purchases today but are waiting for the budget dollars of your new fiscal year?

We have a solution! Let us introduce you to CoreTech’s cash-flow friendly leasing and financing option.

We pay the vendors on your behalf and you install the equipment at your own pace, with payments not due until your next fiscal year. You remain completely in control and manage the vendor engagement.

What are the benefits of leasing and financing equipment?

– Lease-financing increases your cash flow

– Flexible structures that allow your institution to remain nimble

– Predictable costs mean fewer surprises

– Combine multiple vendors into a single low monthly or quarterly payment

– Keep your technology current with a lifecycle management program

– Customized structures to fit your specific requirements

– 100% financing can include installation, maintenance and software costs

Ready for more information?

If you’re ready to learn more click here or contact Adam Laughlin directly at (949) 679-2596 or alaughlin@coretechleasing.com to set up a convenient time to discuss your institution’s leasing and financing options.

Cash Management and Upgrading to 3E

This article was featured in the Q1 2018 edition of Thomson Reuters Elite’s Forefront newsletter.

It’s now been 10 years since the economic crisis of 2008 and just under 10 years since the legal market saw the greatest dip in demand for services. The market has stabilized since then, but growth has remained flat. The recently released Thomson Reuters 2018 Report on the State of the Legal Market shows flat growth is expected to continue as well as longer billing/collection cycles and continued downward pressure on realization. And, to top things off, a small uptick in expenses is likely due to an increase in associates’ pay as well as more technology investments due to cyber security and competitive needs.

To say these are challenging conditions is an understatement, especially when it comes to managing cash flow while meeting all of the demands of the new market. Preserving cash flow is increasingly a reason we are seeing firms leverage financing to procure software, hardware, and equipment needs.

By converting large cash expenses into a predictable monthly expense, firms can extend the expenditure over a period of time that best suits the firm strategically.

To learn more, read Scott McFetters’ latest article in Thomson Reuters Elite’s Forefront here. To download a PDF of the full article, click here.

ILTA Webinar: “How Financing Helps You Manage State-of-the-Art IT Infrastructure”

Increasing cybersecurity and business development technology needs, along with rapid changes or upgrades to core IT infrastructure, and an increase in regulations, are driving IT budgets upwards.

Can leasing and financing help your firm stay compliant, cyber-current and competitive without breaking the bank? Join us on Tuesday, January 23rd for our ILTA-sponsored webinar:

“How Financing Helps You Manage State-of-the-Art IT Infrastructure”
Time: 12:00 pm ET
ILTA members: Free
Non-ILTA members: $75.00
Register here.

Mike Henderson, Regional Manager at CoreTech Leasing, reviews how leasing and financing helps firms:

  • –   Convert large cash expenditures to a monthly expense
  • –   Finance 100% of software need, including data conversion, implementation and training
  • –   Provide flexibility to seamlessly replace and upgrade equipment such as desktops and laptops at the pace
  •      required by today’s business needs
  • –   Insert asset tracking as a key component of security best practices
  • –   Preserve cash flow for other strategic needs and spread out partner contributions

We hope you can join us for this productive discussion.

Top 5 Tips to Prepare for the New Lease Accounting Rules

 

Copyright Equipment Leasing and Finance Association 2017. Reprinted with permission.

End the year smart: 2017 tax breaks expire soon!

Leasing and financing equipment assists in preserving cash flow—and thanks to updates in the Section 179 accounting rules, it can also save money on taxes.

If the equipment you lease qualifies for the Section 179 tax deduction, you might be able to expense all or portions of the cost.

Here’s what you need to know to create your own tax break for 2017:

 1.  The deduction limit for Section 179 is $500,000.  This means that if you buy (or finance) a piece of equipment, you can deduct the Full Purchase Price (up to $500,000) from your gross income.

2.   The 2017 Section 179 deduction threshold for total amount of equipment that can be purchased is $2,000,000.  This means that you can purchase more equipment and still have the benefit of the Section 179 deduction.

3.   50% bonus depreciation was reinstated for the tax year 2016 and extended through 2019.  For equipment purchases over the Section 179 deduction limit of $500,000, you can deduct an additional 50% of the amount over $500,000 in addition to your normal depreciation deduction. This applies to equipment acquired and put into service during 2017. Bonus depreciation will phase down to 40% in 2018 and 30% in 2019.

December is almost here.  Let’s talk before the holidays, and make sure you are able to take full advantage of this tax benefit.

Call us at 866.758.2673 or email us at  info@coretechleasing.com and we can all end the year on a high note.

Scott McFetters to Speak at ALA Chapter Education Meeting, Hawaii

Advances in technology and software are increasing exponentially, causing obsolescence cycles to shrink, and inserting risk as outdated technology leaves firm?s vulnerable to security risks. Many law firms struggle to manage these vital needs to continuously update software and equipment to keep current and address security while staying within budget.

Leasing is a strategic financial option that firms can utilize to provide a predictable, monthly expense for their technology and equipment needs. Moving to a monthly expense model puts the firm in an agile position for change, seamlessly enables technology and equipment upgrades and replacement, and ensures the firm?s hardware and software are current to security standards without becoming bottlenecked by inserting simple payment replacement rather than cash expenditure approval processes.

Join Scott McFetters, President of CoreTech Leasing, at Cades Schutte LLP, as he discusses financial strategies that help firms navigate the equally important needs of technology, equipment, security and budgets, including industry best practices, types of lessors organizations encounter, and what pitfalls firms should avoid.

Upgrading to 3E Financing and Leasing Is a Strategic Advantage

This article was featured in the Q2 2017 edition of Thomson Reuters Elite’s Forefront newsletter.

Financing and Leasing Technology Is a Strategic Advantage

This article was featured in the May 2017 edition of Law Journal Newsletters.

By Scott McFetters

Advances in technology and software are being made at an increasingly rapid pace. As a result, IT hardware obsolescence cycles are shrinking too. This period of exponential improvement with which we are all now familiar has shown time and again that there will continue to be breakthroughs in technology that deliver better, less expensive, and/or more robust products. Law firms may want to leverage a specific law firm management technology to gain a competitive advantage in the marketplace but might not want to purchase those tools outright. How are you equipping your firm to succeed both in the present day and into the future?

Changing Technologies

On Jan. 10, 2023, Thomson Reuters Elite will cease support for all versions of its Enterprise platforms, with all bug fixes for all versions ending on Dec. 31, 2022. The Thomson Reuters Elite Enterprise platform is over 25 years old, and according to the company, is no longer feasible to maintain compatibility with new technology. In addition, Microsoft will terminate related technologies over the coming years, which means that by January 2023, all enterprise versions will be running on unsupported Microsoft technology.

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As part of the complete Enterprise Business Management Solution offered by Thomson Reuters Elite, the 3E platform helps firms manage critical areas of their business. This means they upgrade either to 3E or a competing product, which could impact several mission-critical systems within the firm. In addition, this could require other expensive hardware upgrades and tertiary software upgrades.

Approximately 33% of Thomson’s 167 client firms, ranging from 100 fee earners to 600, have already made the decision to upgrade to 3E. This leaves about 67% of its major law firm client base still undecided as to whether to upgrade to Thomson’s new 3E platform or change their core platforms to Aderant or another competitor.

Finance or Buy?

Whether firms migrate from Elite Enterprise to the new 3E platform or change providers, a decision must be made to arrive at a financial solution that will cover not only the software expenses, but also additional related expenses: training, implementation, maintenance and other soft costs, along with any new hardware requirements for the new system.

To learn more, read Scott McFetters’ latest article in Thomson Reuters Elite’s Forefront here. To download a PDF of the full article, click here.

Loved What You Saw at ALA? Leasing Can Help You Procure the Best of Breed Technology

The 2017 ALA Conference & Expo was a great success and, as always, it was a pleasure to be among the great mix of industry professionals and thought leaders with one focus: elevating our potential. We hope you had a great conference!

A notable part of the event is always the impressive array of technology providers on display in the Exhibit Hall which no doubt can help firms maximize their potential in the new legal market.

Now what?  How can you procure this best of breed technology?

Talk to the CoreTech team about maximizing your software and hardware ROI through leasing or financing. While cash may be a viable option for some firms, leasing and financing condense the decision cycle and the lengthy process to request another large capital expenditure can be circumvented. Financially, leasing beneficially increases cash flow, keeps bank lines of credit open for working capital use, and cuts out of pocket costs for necessary security upgrades, while enabling these new projects in the budget.

In today’s competitive marketplace, law firms must leverage technology to gain an advantage. The good news is that leasing and financing can help your firm arm itself with the most up-to-date versions of hardware and software available to help keep clients’ data secure while staying within a predictable monthly expense.

Let’s continue the discussion we started in Denver.

Contact Scott McFetters, Bill Pitcairn, Mike Henderson or Bob Wallace directly to discuss strategic financial options for your firm’s technology and equipment needs.